The tech sector certainly was a great place to invest in 2024. A number of ASX tech shares smashed the market with some stellar gains. But which tech shares performed best? Let's take a look at the best shares in the sector over the period:
Appen Ltd (ASX: APX)
The Appen share price was the best performer in the tech sector in 2024, with a gain of 320%. Investors bought this artificial intelligence data services company's shares last year after it delivered a significantly improved performance. For example, during the third quarter, Appen reported revenue of $54.1 million. While this represented a 12.9% decline over the prior corresponding period, if you exclude the loss of Google as a customer, Appen's revenue would have increased 34.6%. Another positive was Appen achieving a breakeven EBITDA result for the period.
Nuix Limited (ASX: NXL)
The Nuix share price was on form in 2024 and recorded a gain of 233%. Much like Appen, this was driven by improved performance from this investigative and analytics software provider. For the fiscal year 2024, Nuix released its full-year results, reporting a 14% increase in annualized contract value (ACV) to $211.5 million and a 20.9% lift in statutory revenue to $220.6 million. The biggest positive was its underlying earnings before interest, tax, depreciation, and amortization (EBITDA) jumping 38.7% to $64.4 million. Management expects more of the same in FY 2025, targeting ACV growth of 15% for the upcoming period.
Life360 Inc (ASX: 360)
The Life360 share price wasn't far behind, with a gain of 198% in 2024. The ASX tech share got investors excited by reporting stellar growth across all key metrics. This includes growing the location technology company's monthly active users (MAU) to 76.9 million. This growth underpinned a 30% increase in annualized monthly revenue (AMR) to US$336.2 million. The launch of a secondary listing on the Nasdaq appears to have also provided the company with significant exposure to investors on Wall Street, contributing to investor confidence.
Catapult Group International Ltd (ASX: CAT)
The Catapult share price was another strong performer, gaining 169% over the 12 months. An impressive performance from the sports technology solutions provider for FY 2024 and FY 2025 underpinned a major re-rating of its shares. During the first half of FY 2025, Catapult delivered a 20% constant currency increase in ACV to reach a record of US$96.8 million (A$143 million). Investors were also pleased with the company's free cash flow (FCF) generation of US$4.8 million (A$7 million), which surpassed the total amount generated throughout FY 2024.
Overall, 2024 has proven to be lucrative for investors focused on ASX tech shares, with substantial returns reported across the board. The tech industry continues to evolve and grow, and these companies exemplify the potential rewards of investing wisely.